Determinants of Shareholders’ Value Creation in the Listed Egyptian Commercial Banks (2012-2021)

Mona Khalil Mohamed Ahmed Nawary^1, , Dr. Hussien Seoudy² and Dr. Mona Kadry²

¹Graduate School of Business (AASTMT), Cairo, Egypt

²Arab Academy for Science, Technology and Maritime Transport, Cairo, Egypt

Cite this paper:
Mona Khalil Mohamed Ahmed Nawary, Dr. Hussien Seoudy and Dr. Mona Kadry. Determinants of Shareholders’ Value Creation in the Listed Egyptian Commercial Banks (2012-2021). Journal of Finance and Economics. 2023; 11(2):92-112. doi: 10.12691/jfe-11-2-4

Abstract

Purpose: The Egyptian Commercial banking sector is considered crucial for Egyptian economic growth through providing sources of finance for various sector either being public or private. Additionally, creating shareholder value is the main goal for any business. Accordingly, this paper will empirically address main determinants of shareholder value creation in the Egyptian commercial listed banks in terms of bank-specific, industry-specific and macroeconomic factors. Research methodology: The study is quantitative in nature and relies on descriptive analytical approach to analyze the gathered data. It used balanced panel data of 100 observations for 10 Egyptian commercial banks listed on Egyptian Stock Exchange during (2012 – 2021), and the data was analyzed using Generalized Least Square (GLS) method of estimation where fixed and random effect was estimated while Hausman test revealed that random effect model is more reliable. Main Findings: The analysis of the study revealed that the model is significant at 1% level of significance and the independent variables of the study explained around 66% of the variations in the shareholders’ value created of listed Egyptian commercial banks. Additionally, the analysis suggests that five of the independent variables of the study including Bank efficiency, income diversification, level of capitalization, Credit risk, and liquidity risk are strongly significant in determining the shareholders’ value creation of listed Egyptian commercial banks while the remaining five independent variables including deposits growth rate, loans growth rate, bank concentration, GDP growth, and inflation are moderately significant. Implications: Banks’ management should give attention to determinants that have strong effect on their stock price especially enhancing profit efficiency through comprehensive strategy to work on different areas in the bank to maximize received income and minimize cost, in addition to adopting strong credit management policies with proactive practices for any detected deterioration in loan portfolio and determine required level of capital for these risks to avoid bankruptcy. Also, given importance of commercial banks for economic growth, government and regulatory bodies (i.e., CBE) should support these banks through incentives especially during economic shocks to minimize their negative effects on performance of banks and their market value. Limitations and Future Work: The study used Market Value Added which requires banks to be listed and in turn small population and sample size for 12 and 10 banks simultaneously, while further studies can rely on other measures, such as Economic Value Added, that don’t require banks to be listed to be able to include all Egyptian banks and increase sample size. Accordingly, sensitivity analysis can be conducted to assess effect of devaluation for Egyptian pound. Moreover, Environmental, Social and Governance factors weren’t taken into consideration due to unavailability of ESG scores in Egyptian banking sector, however; following its availability future studies can include ESG factors to assess its effect on shareholders’ value created.

Keywords:
Shareholder value creation Market Value Added Egyptian banks Globalization.

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